United Bankshares Inc. (UBSI), a major regional financial services company with around $33 billion in assets, recently held its 2024 annual shareholders meeting at the prestigious Congressional Country Club in Bethesda, Maryland. The meeting brought together company leadership, shareholders, and board members to reflect on a year of strong financial performance, growth, and ongoing success.
During the meeting, Executive Chairman of the Board Richard M. Adams took the stage to outline the highlights from the 2024 Annual Report.
He emphasized the company’s continued financial strength, noting that earnings per share had risen from $2.71 to $2.75, outperforming many competitors. UBSI posted a return on assets of 1.26%, well above the peer median of 0.94%. These results translated to nearly $95 million in additional annualized income.
Adams pointed out that 2024 marked the 51st consecutive year United Bankshares increased its dividend, rising from $1.45 to $1.48 per share. The year also marked the company’s 185th anniversary, a milestone that underscores its long-standing presence and reliability in the financial sector.
“Our consistency in increasing dividends shows the strength of our earnings, our high-quality assets, and our solid capital,” Adams said. “We’ve been able to achieve this through both good and challenging times.”
Another major highlight from 2024 was United’s acquisition of Atlanta-based Piedmont Bancorp, the company’s 34th acquisition. This deal closed on January 10 and pushed United’s total assets to a record $32 billion at the time, placing it among the 40 largest banking companies in the U.S. by market capitalization.
Since the creation of the KBW Bank Index in 1992, United Bankshares stock has delivered a total return of 1,387%—outpacing the index’s 1,108% return. These long-term results continue to reflect the bank’s strong financial management and strategic growth.
Adams also extended congratulations to CEO Rick Adams and acknowledged the dedication of the entire United team. “We’ve had a very successful year thanks to the leadership of our CEO and the commitment of our employees,” he said. “We continue to positively impact the lives of our employees, customers, shareholders, and communities.”
The meeting also featured the election of directors to serve on the board through the 2026 annual meeting. The board includes experienced professionals from across the financial, healthcare, and public sectors.
Among those re-elected were Richard M. Adams, Richard M. Adams Jr., Charles Capito Jr., Dr. Patrice Harris, and several other prominent leaders.
In addition to electing board members, shareholders approved several key proposals. These included the ratification of Ernst & Young LLP as the independent accounting firm for 2025, an advisory vote on executive compensation, and the approval of the United 2025 Equity Incentive Plan.
As of March 31, 2025, United Bankshares held consolidated assets of approximately $33 billion. The company is now the 41st largest banking company in the United States based on market capitalization. It operates more than 240 offices across nine states and Washington, D.C., and its stock trades on the NASDAQ under the ticker symbol “UBSI.”
United Bankshares’ continued success showcases its commitment to responsible growth, shareholder value, and community impact. The 2024 shareholders meeting was a celebration of that success—and a look ahead to even more ambitious goals in the future.
